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3Q 2023 Earnings Presentation – Callon Petroleum Co.

Callon Petroleum Co. · Nov 30, 2023 · 24 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. 3Q 2023 Earnings Presentation – Callon Petroleum Co. – slide 1
    3Q 2023 I N V E S T O R P R E S E N TAT I O N NOVEMBER 2023
  2. 3Q 2023 Earnings Presentation – Callon Petroleum Co. – slide 2
    Todays Key Takeaways OUR FOCUS ON COSTS IS CREATING SUSTAINABLE BENEFITS 1 Increased Adjusted Free Cash Flow Conversion 1 metric each quarter to date in 2023 2 FREE CASH FLOW IS BEING USED TO RAPIDLY REDUCE DEBT Next target is…
  3. 3Q 2023 Earnings Presentation – Callon Petroleum Co. – slide 3
    3Q23 Value Drivers PRODUCTION HIGH OPERATING MARGINS 1 102 MBoe/d 58 MBbl/d 40.47 67% Total Oil Operating Margin1 (/Boe) Strong Adj. EBITDAX margin2 3Q23 ADJ. EBITDAX 1 ADJ. FREE CASH FLOW CONVERSION 1,3 342MM 14% Increased…
  4. 3Q 2023 Earnings Presentation – Callon Petroleum Co. – slide 4
    3Q23 Costs and Expenditures Below Expectations LEASE OPERATING EXPENSE ( / BOE) CASH G&A (MM) (2%) (21%) Below mid-point Reduction in chemical cost Below mid-point Sale of legacy Eagle Ford and of guidance of guidance and volumes…
  5. 3Q 2023 Earnings Presentation – Callon Petroleum Co. – slide 5
    Significant Savings Across D&C, Facilities and LOE CASING STRINGS FACILITIES SHARING Eliminating a casing string can Fit for purpose facilities save up to 700K per well optimize results, reduce costs Smaller diameter pipe reduces…
  6. 3Q 2023 Earnings Presentation – Callon Petroleum Co. – slide 6
    Fit For Purpose Casing Designs Create Sustainable Efficiencies DELAWARE SOUTH: RAMONES 11BS DELAWARE EAST: RENDEZVOUS 28SB ACTUAL vs. PLANNED DAYS TO DEPTH ACTUAL vs. PLANNED DAYS TO DEPTH 0 0 650K 450K SAVINGS SAVINGS 5,000 5,000…
  7. 3Q 2023 Earnings Presentation – Callon Petroleum Co. – slide 7
    2024 Outlook to Benefit From Operational Efficiencies OPERATIONAL EFFICIENCIES DELAWARE EAST: SUSTAINABLE DRILLING EFFICIENCIES AVG. SPUD TO RIG RELEASE 1 AVG. LATERAL LENGTH AND COST PER FOOT IN DAYS 24.6 Reducing days 20.3 and…
  8. 3Q 2023 Earnings Presentation – Callon Petroleum Co. – slide 8
    Room to Run Across Premier Acreage Position DELAWARE MIDLAND Loving Winkler Dawson Borden Martin Ward Andrews Howard Reeves Delaware Operated Acreage Midland Operated Acreage Ector Non-Op Acreage 4 RIGS…
  9. 3Q 2023 Earnings Presentation – Callon Petroleum Co. – slide 9
    Life of Field Co-Development Model Creates Differentiated Productivity 2023 WELL PRODUCTIVITY: CPE 1 vs. INDUSTRY 2 AVERAGE PERMIAN BASIN CUMULATIVE PRODUCTION BY MONTH LIFE OF FIELD CO-DEVELOPMENT MODEL MBoe per 1,000 ft Multi-zone…
  10. 3Q 2023 Earnings Presentation – Callon Petroleum Co. – slide 10
    Free Cash Flow Allocation 300MM REPURCHASE PROGRAM PROGRESS FREE CASH FLOW PRIORITIES 387K shares 38.72 Deleveraging / Enhance Shareholder Repurchased in 3Q23 Weighted average repurchase Returns price in 3Q23 Liquidity 15MM…
  11. 3Q 2023 Earnings Presentation – Callon Petroleum Co. – slide 11
    Early Thoughts on 2024 EVOLUTION OF LIFE OF FIELD CO-DEVELOPMENT MODEL Spacing and zone optimization STRUCTURAL DC&F CHANGES AND SERVICE COSTS Expected to drive 15% reduction in DC&F costs FOCUS ON REDUCING EXPENSES AND ENHANCING…
  12. 3Q 2023 Earnings Presentation – Callon Petroleum Co. – slide 12
    For more information, please visit: 2022 Sustainability Report Callon.com/sustainability 2023 Callon Investor Presentation 13
  13. 3Q 2023 Earnings Presentation – Callon Petroleum Co. – slide 13
    4Q and FY 2023 Outlook Previous Current Previous Current 4Q23 4Q23 FY23 FY23 Total (MBoe/d) 104 108 100 103 103 106 102 104 Oil (MBbls/d) 63 65 56 59 62 64 59 61 Lease Operating (/Boe) - - 7.75 8.25 7.75 8.25 GP&T (/Boe) - -…
  14. 3Q 2023 Earnings Presentation – Callon Petroleum Co. – slide 14
    A Focused, Scaled Permian Basin Oil & Gas Company Permian-Only Asset Base: C AL L O N Delaware and Midland Basins Market Cap: 2.6B1 Enterprise Value: 4.6B1 Decade-Plus of High-Quality 3Q23 Production: 102 MBoe/d Net Acres:…
  15. 3Q 2023 Earnings Presentation – Callon Petroleum Co. – slide 15
    APPENDIX
  16. 3Q 2023 Earnings Presentation – Callon Petroleum Co. – slide 16
    Deep Inventory of Multi-Stacked Benches Delaware Midland West East South Avalon Shale Middle Spraberry 1st Bone Spring Jo Mill 2nd Bone Spring Lower Spraberry 3rd Bone Spring Shale Dean 3rd Bone Spring Sand Wolfcamp A…
  17. 3Q 2023 Earnings Presentation – Callon Petroleum Co. – slide 17
    Derivative Positions Crude Oil Derivative Position Natural Gas Derivative Position 4Q 23 2024 Henry Hub Waha HSC 24% 37% 47% 26% 22% 4Q 23 53% 63% 76% Hedged Unhedged 74% 18% 78% 47% 44% 2024 53% 56% 82% 100.00…
  18. 3Q 2023 Earnings Presentation – Callon Petroleum Co. – slide 18
    Crude Oil Hedges 4Q23 Bal 23 1Q24 2Q24 3Q24 4Q23-3Q24 4Q24 FY 2024 NYMEX WTI (Bbls, /Bbl) Swaps Total Volumes - - 573,300 273,000 230,000 1,076,300 - 1,076,300 Total Daily Volumes - - 6,300 3,000 2,500 2,941 - 2,941 Avg. Swap Price…
  19. 3Q 2023 Earnings Presentation – Callon Petroleum Co. – slide 19
    Natural Gas Liquids Hedges 4Q23 Bal 23 1Q24 2Q24 3Q24 4Q23-3Q24 4Q24 FY 2024 NATURAL GAS LIQUIDS (Bbls, /Bbl) MBV Ethane Purity Total Volumes 35,095 35,095 - - - 35,095 - - Total Daily Volumes 381 381 - - - 96 - - Avg. Swap Price…
  20. 3Q 2023 Earnings Presentation – Callon Petroleum Co. – slide 20
    Natural Gas Hedges 4Q23 Bal 23 1Q24 2Q24 3Q24 4Q23-3Q24 4Q24 FY 2024 NYMEX HENRY HUB (MMBtu, /MMBtu) Swaps Total Volumes 620,000 620,000 - - - 620,000 - - Total Daily Volumes 6,739 6,739 - - - 1,694 - - Avg. Swap Price 3.00 3.00 - -…
  21. 3Q 2023 Earnings Presentation – Callon Petroleum Co. – slide 21
    Non-GAAP Operating Margin (Per Boe data) 1Q 23 2Q 23 3Q 23 1 Sales price Permian 51.50 47.63 54.43 Eagle Ford 60.42 56.44 70.41 Total sales price 53.07 49.00 54.50 Lease operating expense Permian 7.87 7.42 7.91 Eagle Ford 10.66…
  22. 3Q 2023 Earnings Presentation – Callon Petroleum Co. – slide 22
    Non-GAAP Adjusted EBITDAX ( thousands) 1Q 23 2Q 23 3Q 23 Net income (loss) 220,638 (107,896) 119,484 (Gain) loss on derivative contracts (25,645) (5,941) 55,804 Gain (loss) on commodity derivative settlements, net 12,012 13,663…
  23. 3Q 2023 Earnings Presentation – Callon Petroleum Co. – slide 23
    Non-GAAP Adjusted Free Cash Flow & Adjusted Free Cash Flow Conversion ( thousands) 1Q 23 2Q 23 3Q 23 Net cash provided by operating activities 247,913 279,522 266,828 Changes in working capital and other 18,869 11,188 26,344 Changes…
  24. 3Q 2023 Earnings Presentation – Callon Petroleum Co. – slide 24
    Non-GAAP Net Debt ( millions) 3/31/23 6/30/23 9/30/23 Total long-term debt 2,204 2,268 1,949 Unamortized premiums, discount, and deferred loan 19 18 18 costs, net Adjusted total long-term debt 2,223 2,286 1,967 Less: Cash and cash…

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